According to a research report by MarketsandMarkets, the Well Intervention Market is projected to reach $11.6 billion by 2024 from an estimated $8.8 billion in 2019, at a CAGR of 5.7 percent during the forecast period.
The rising number of mature fields in Europe and the Middle East, along with more primary energy demand from the Asia Pacific, is driving the market.
Stimulation is expected to be the fastest-growing segment. This is mainly because of the demand for stimulation services from new shale development activities in North America. Moreover, the process of well stimulation addresses the major challenge of wax formation in the producing wells. There are two types of remedial stimulation methods, hydraulic fracturing and matrix treatments. The demand for hydraulic fracturing is robust worldwide, with high growth from North, South and Central Americas.
The light intervention segment is expected to dominate the Well Intervention Market by intervention type. The increasing capital-expenditure trend by upstream operators to optimize the production of oil and gas from existing wells is the driving force for this segment.
The International Energy Agency says the U.S. will become the net exporter of energy by 2020. To fulfill this objective, oil production is being increased. Moreover, the U.S. is the top explorer and producer of shale oil and gas. The old oil and gas fields in the Permian Basin and Bakken require the intervention operations to enhance the productivity of the wells.